SECTION-A (Macro Economics) Suppose only one Good ' {\X} ' ...

CBSE 2023 Class 12 Economics Delhi Set 2

Question : 1

Total: 3

SECTION-A

(Macro Economics)

Suppose only one Good ' X ' is produced in the country. Output of 'Good X' during 2018 & 2019 were 100 units & 120 units respectively. The market price of the product during the two years was ₹50 & ₹60 per unit respectively.
Calculate the percentage change in Real Gross Domestic Product (GDP) in year 2019, using 2018 as the base year.

Solution:

Year	OutputProduced(units)	CurrentYearPrices	Nominal GDP= Currentyear output ×Current year prices	Real DGP = Current year output × Base year price
2018	100	50	100×50=5000	100×50=5000
2019	120	60	120×60=7200	120×50=6000

Change in Real GDP =6000−5000=1000
%‌ Change in Real GDP ‌‌ =‌

‌ Change in Real GDP ‌

‌ Initial Real GDP ‌

×100
‌=‌

1000

5000

×100=10%

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